The IRS Will Reportedly Begin Distributing Monthly Stimulus Payments Of Up To $300 Per Child To Low-Income Families In July

The IRS Will Reportedly Begin Distributing Monthly Stimulus Payments Of Up To $300 Per Child To Low-Income Families In July

Roommates, one of the most talked about parts of Joe Biden’s COVID relief package was the $1,400 stimulus checks that many Americans received. Under that same package, however, working families are eligible to receive monthly stimulus checks for children.

According to Yahoo Finance, the IRS will begin distributing stimulus payments for families with children for up to $300 per month as well as issuing a family tax credit for 2021–totaling $3,600 for the year. Half of that money will be from the monthly payments and the other half will be available in a tax refund next year.

Every household with children that qualified for the recent $1,400 stimulus check is eligible to receive this monthly stimulus payment under similar guidelines. Families earning less than $150,000 or individuals making under $75,000 will receive $250 for children ages 6 to 17, and $300 for children under 6.

Families that are expecting another child this year are also eligible to receive stimulus payments, as the IRS is allowing parents to update their family size online. If. the IRS is not updated about new additions to families through its online portal, parents will have to wait until their 2021 taxes are filed to claim the $3,600 tax credit.

As we previously reported, the IRS has rolled out three stimulus payments for Americans so far, totaling $3,200 over the past year. So far, there has been talks about a possible fourth stimulus check, but there are no official plans for another check to roll out any time soon.

For more information about the new monthly stimulus checks, feel free to check out https://www.IRS.com.

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